Denbury.com
2015 Corporate Responsibility Report

Global Reporting Initiative G4 Content Index

GENERAL STANDARD DISCLOSURES*

G4 GENERAL STANDARD DISCLOSURE Disclosure and/or Location of Disclosure
STRATEGY AND ANALYSIS
G4-1 Statement from most senior decision-maker. CEO Message
G4-2 Key impacts, risks and opportunities. CEO Message and Our Report
ORGANIZATIONAL PROFILE
G4-3 Name of the organization. Denbury Resources Inc.
G4-4 Primary brands, products and services. 2014 Annual Report on Form 10-K: Item 1. Business and Properties
G4-5 Location of the organization’s headquarters. 5320 Legacy Dr. Plano, Texas, 75024
G4-6 Number of countries where the organization operates, and names of countries where either the organization has significant operations or that are specifically relevant to the sustainability topics covered in the report. 1 country; United States of America See also, “Our Company—What We Do & Our CO2 Story” for our operational map.
G4-7 Nature of ownership and legal form. Delaware corporation
G4-8 Markets served (including geographic breakdown, sectors served, and types of customers and beneficiaries). 2014 Annual Report on Form 10-K: Item 1. Business and Properties
G4-9 Scale of organization. 2014 Annual Report on Form 10-K:
- Item 1. Business and Properties
- Consolidated Financial Statements
G4-10 Total workforce by (i) employment type (full-time and part-time) and gender and (ii) region and gender. See charts below
2014 Employment Type & Gender
Employment Type Male Female Total
Full-time employees 1,173 345 1,518
Part-time employees 3 2 5
Total Employees 1,176 347 1,523
2013 Employment Type & Gender
Employment Type Male Female Total
Full-time employees 1,154 345 1,499
Part-time employees 1 1 2
Total Employees 1,155 346 1,501
2014 Region & Gender
Region Male Female Total
Rocky Mountain (WY, MT, ND) 211 23 234
Gulf Coast (TX, LA, MS, AL) 542 37 579
Headquarters (Plano, TX) 423 287 710
Total Employees 1,176 347 1,523
2013 Region & Gender
Region Male Female Total
Rocky Mountain (WY, MT, ND) 197 20 217
Gulf Coast (TX, LA, MS, AL) 550 40 590
Headquarters (Plano, TX) 408 286 694
Total Employees 1,155 346 1,501
All data as of December 31, 2014 and December 31, 2013.
G4-11 Percentage of total employees covered by collective bargaining agreements. 0%
G4-12 Describe the organization’s supply chain. Denbury’s supply chain is comprised of thousands of suppliers and independent contractors, ranging from multinational corporations to local businesses, who provide Denbury with products, materials and services integral to our business. Our supply chain department consists of procurement professionals at our corporate headquarters and in certain field offices who seek an ethical, diverse and highly distributed supply chain to reduce costs and procure high quality products and services. In 2013 and 2014, Denbury spent approximately $1.2 billion and $1.7 billion, respectively, in procurement with its suppliers and independent contractors.
G4-13 Report significant changes during the reporting period regarding the organization’s size, structure, ownership, or its supply chain. 2014 Annual Report on Form 10-K:
- Item 1. Business and Properties
- Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
G4-14 Report whether and how the precautionary approach or principle is addressed by the organization. Not addressed by the organization
G4-15 Report externally developed economic, environmental and social charters, principles, or other initiatives to which the organization subscribes or which it endorses. None
G4-16 Report memberships in associations (such as industry associations) and national or international advocacy organizations in which the organization:
* Has positions in governance bodies;
* Participates in projects or committees;
* Provides substantive funding beyond routine membership dues; or
* Views membership as strategic.

We are members and hold governance positions in a few organization and institutions in the oil and gas sector or related to professional fields. See below for a selection of current positions.

Greg Schnacke, Executive Director, Governmental Relations:
• Board of Directors for the Montana Petroleum Association
• Board of Directors for the Wyoming Petroleum Association
• Board of Directors for the North American Carbon Capture and Storage Association

Bruce Smith, Director A&D Land and Special Projects:
• Secretary/Treasurer of the Louisiana Oil and Gas Association
IDENTIFIED MATERIAL ASPECTS AND BOUNDARIES
G4-17 List all entities included in the organization’s consolidated financial statements or equivalent documents and whether any of these entities is not covered by the report. 2014 Annual Report on Form 10-K: Exhibit 21. Contains a list of our significant subsidiaries. Data in this Report includes all of our subsidiaries unless otherwise noted.
G4-18 Explain the process for defining the report content and the Aspect Boundaries and how the organization has implemented the Reporting Principles for Defining Report Content. Our Report—Report Content and Report Framework
G4-19 List all the material Aspects identified in the process for defining report content. Our Report—Report Content
G4-20 For each material Aspect, report the Aspect Boundary and whether the aspect is material within the organization. See chart below G4-21
G4-21 For each material Aspect, report the Aspect Boundary and whether the Aspect is material outside the organization. See chart below
Denbury Material Issue G4 Category G4 Material Aspect Material Within Denbury Material Outside Denbury Relevance Outside Denbury
Economic Investments & Impacts Economic Economic Performance (EC1) ✓ ✓ The economic value we generate and distribute impacts not only our financials but also state and local governments, our capital providers, our employees and our communities.
Economic Indirect Economic Impacts (EC8)
✓ Our operations reinvigorate local labor markets, businesses and the economies of our communities while generating millions of positive dollars of tax revenue and other economic activities.
Reserves Economic Reserves (OG1) ✓

Employee Well-being Social; Labor Practices and Decent Work Employment (LA1 & LA2) ✓

Employee Health & Safety Social; Labor Practices and Decent Work Occupational Health and Safety (LA5 & LA6) ✓

Employee Training & Development Social; Labor Practices and Decent Work Training and Education (LA9 & LA11) ✓ ✓ Training and developing employees not only contributes to Denbury’s long-term success but also the success and quality of the current and future global workplace.
Employee Diversity & Equal Opportunity Social; Labor Practices and Decent Work Diversity and Equal Opportunity (LA12) ✓

Managing our Carbon Footprint Environmental Emissions (EN15, EN16 & EN18)
✓ Carbon emissions reduction is an important issue to many Denbury stakeholders and this material Aspect is relevant in all our areas of operations, as part of our commitment to environmental stewardship.
Spill Prevention Environmental Effluents and Waste (EN24) ✓ ✓ Spills have the potential to adversely affect the communities in which they occur and the environment, therefore, we continue to strive to eliminate all environmental incidents.
G4-22 Report the effect of any restatements of information provided in previous reports, and the reasons for such restatements. Not applicable
G4-23 Report significant changes from previous reporting periods in the Scope and Aspect Boundaries. None
STAKEHOLDER ENGAGEMENT
G4-24 List stakeholder groups engaged by the organization. The primary stakeholders with whom we engaged are: Denbury employees, Denbury’s senior management, Denbury’s Board of Directors, shareholders (including institutional and retail investors), prospective investors and local community organizations.
G4-25 The basis for identification and selection of stakeholders with whom to engage. The organization encourages an open dialogue with all stakeholders. We consider stakeholder engagement a necessary part of good business and corporate governance practices. Management uses its judgment to determine the stakeholder groups with whom to engage. We respond diligently to all stakeholders that contact us and believe that engagement with our employees is always necessary.
G4-26 The organization’s approach to stakeholder engagement, including frequency of engagement by type and by stakeholder group, and an indication of whether any of the engagement was undertaken specifically as part of the report preparation process. The organization’s approach to stakeholder engagement is an ongoing and constant process.
See also, G4-25 and “Our Report—Report Framework” for more information.
G4-27 Key topics and concerns that have been raised through stakeholder engagement, and how the organization has responded to those key topics and concerns, including through its reporting. The Stakeholder groups that raised each of the key topics and concerns. The key topics and concerns that have been raised through stakeholder engagement are the material Aspects identified in this Report. Our stakeholders were relatively consistent in the identification of key topics and concerns. See also, “Our Report—Report Content”
REPORT PROFILE
G4-28 Reporting period for information provided. 2013 and 2014. 2015 data is included where relevant and helpful.
G4-29 Date of most recent previous report (if any). Our 2014 report was released in January of 2015.
G4-30 Reporting cycle. At least biennially
G4-31 The contact point for questions regarding the report or its contents. Please send an email to Denbury’s Corporate Responsibility Team at responsibility@denbury.com.
G4-32 Report the “in accordance” option the organization has chosen; and the reference to the External Assurance Report, if the report has been externally assured. “In accordance” – Core has been chosen by the organization.
Our report has not been externally assured.
G4-33 Report the organization’s policy and current practice with regard to seeking external assurance for the report. The organization does not have a policy with respect to externally assuring the content in this Report. However, internally we conduct a diligent fact check on the information and data presented. Our consolidated financial statements are audited by our independent public accounting firm.See 2014 Annual Report on Form 10-K.
GOVERNANCE
G4-34 Report the governance structure of the organization, including committees of the highest governance body. Identify any committees responsible for decision-making on economic, environmental and social impacts. Our Company—Corporate Governance and 2015 Proxy Statement pp. 9-16
G4-35 Report the process for delegating authority for economic, environmental and social topics from the highest governance body to senior executives and other employees. The business, properties and affairs of the organization are managed by the Chief Executive Officer under the direction of the Board of Directors. The Board of Directors has responsibility for establishing broad corporate policies and for the overall performance and direction of the Company, which includes economic, environmental and social topics.
G4-36 Report whether the organization has appointed an executive-level position or positions with responsibility for economic, environmental and social topics, and whether post holders report directly to the highest governance body. Our senior management team is responsible for overseeing economic, environmental and social topics that impact our business and our stakeholders. While senior management reports to our CEO, our senior management team also has direct interaction with our Board of Directors on these matters.
G4-37 Report the processes for consultation between stakeholders and the highest governance body on economic, environmental and social topics. If consultation is delegated, describe to whom and any feedback processes to the highest governance body. The Board of Directors has approved a process by which stakeholders may contact the members of the Board of Directors regarding economic, environmental and social topics of concern. Please write to Denbury Resources Inc., Attention Corporate Secretary, 5320 Legacy Drive, Plano Texas 75024. In addition, stakeholders may email the Corporate Secretary and Board members at: secretary@denbury.com.
G4-38 Report the composition of the highest governance body and its committees by: executive or non-executive; independence; tenure on the governance body; number of each individual’s other significant positions and commitments, and the nature of the commitments; gender; membership of under-represented social groups; competences relating to economic, environmental and social impacts; and stakeholder representation. 2015 Proxy Statement pp. 3-8 (Director Information); 2015 Proxy Statement p. 11 (Director Independence)
G4-39 Report whether the Chair of the highest governance body is also an executive officer (and, if so, his or her function within the organization’s management and the reasons for this arrangement). Denbury’s Chairman of the Board is not an executive officer. See also, 2015 Proxy Statement p. 9 (Board Leadership Structure) and “Our Company—Corporate Governance.”
G4-40 Report the nomination and selection processes for the highest governance body and its committees, and the criteria used for nominating and selecting highest governance body members. 2015 Proxy Statement pp. 10-11 (Identification of Director Candidates); 2015 Proxy Statement p. 69 (Stockholders Proposals for our 2016 Annual Meeting of Stockholders)
G4-41 Report the processes for the highest governance body to ensure conflicts of interest are avoided and managed. Report whether conflicts of interest are disclosed to stakeholders. Related party transactions are monitored and approved by our Nominating/Corporate Governance Committee pursuant to Denbury’s Related Party Transaction Policy. The Company discloses such transactions as required pursuant to the Securities and Exchange Commission’s Rules and Regulations. Additionally, Denbury’s Code of Conduct and Ethics governs conflicts of interest. Waivers to the Code of Conduct and Ethics are disclosed to the extent and in the manner required by applicable laws, rules (including any rule of any applicable stock exchange) or regulations.
G4-42 Report the highest governance body’s and senior executives’ roles in the development, approval, and updating of the organization’s purpose, value or mission statements, strategies, policies, and goals related to economic, environmental and social impacts. The business, properties and affairs of the organization are managed by the Chief Executive Officer under the direction of the Board of Directors. The Board of Directors has responsibility for establishing broad corporate policies and for the overall performance and direction of the Company, which includes economic, environmental and social topics.
G4-46 The highest governance body’s role in reviewing the effectiveness of the organization’s risk management processes for economic, environmental and social topics. The Board of Directors has an oversight role with respect to the risk management processes for many economic, environmental and social topics. In certain instances the Board has delegated this duty to an appropriate Board Committee. For example, Denbury’s Reserves and Health, Safety and Environmental Committee has an oversight role with respect to the risk management process for environmental matters; and the Compensation Committee has an oversight role with respect to the risk management process for compensation-related matters.
G4-47 The frequency of the highest governance body’s review of economic, environmental and social impacts, risks, and opportunities. As necessary throughout the year.
G4-48 The highest committee or position that formally reviews and approves the organization’s sustainability report and ensures that all material Aspects are covered. Reserves and Health, Safety and Environmental Committee of the Board of Directors.
G4-49 The process for communicating critical concerns to the highest governance body. All stakeholders wishing to communicate with the Board are encouraged to email the corporate secretary and Board members or address letters to the following addresses: Denbury Resources Inc., Attn: Corporate Secretary, 5320 Legacy Drive, Plano, TX 75024. You may also send an email to: secretary@denbury.com. Additionally, see G4-58.
G4-51 a. The remuneration policies for the highest governance body and senior executives.b. How performance criteria in the remuneration policy relate to the highest governance body’s and senior executives’ economic, environmental and social objectives. 2015 Proxy Statement “Executive Compensation—Compensation Discussion and Analysis,” p. 22.

2015 Proxy Statement “Compensation of Directors,” p. 55.
G4-52 The process for determining remuneration.Whether remuneration consultants are involved in determining remuneration and whether they are independent of management.Report any other relationships which the remuneration consultants have with the organization. 2015 Proxy Statement “Roles in Setting Executive Officer Compensation,” p. 28.
G4-53 How stakeholders’ views are sought and taken into account regarding the remuneration, including the results of votes on remuneration policies and proposals, if applicable. 2015 Proxy Statement “Advisory Vote to Approve Named Executive Officer Compensation,” p. 54.
ETHICS AND INTEGRITY
G4-56 The organization’s values, principles, standards and norms of behavior such as codes of conduct and codes of ethics. See Details
G4-57 The internal and external mechanisms for seeking advice on ethical and lawful behavior, and matters related to organizational integrity, such as helplines or advice lines. Internally, employees are expected to first bring matters of concern to their manager. If there are reasons one is uncomfortable doing so or thinks the issue needs attention from a different perspective, employees may turn to any of the following: (1) a manager or the vice president of the employee’s department or region, (2) a Human resource employee relations representative, or (3) Denbury’s Compliance team or Legal department. Internally and externally, parties may use our Compliance Hotline as described in G4-58 below.
G4-58 The internal and external mechanisms for reporting concerns about unethical or unlawful behavior, and matters related to organizational integrity, such as escalation through line management, whistleblowing mechanisms or hotlines. Denbury has a Compliance Hotline that is managed by an independent, third-party provider and is available 24 hours a day/7 days a week via phone (1-844-DOING-RT (364-6478)) or online (www.doingright.denbury.com). All reports submitted to the Compliance Hotline will be appropriately investigated and, as applicable, reported to the Audit Committee of the Denbury Board of Directors. See Details

SPECIFIC STANDARD DISCLOSURES *

Material Aspects (See G4-19) DMA and Indicators Indicator Detail Disclosure and/or Location of Disclosure
G4 Category: Economic
Economic Performance G4-EC1 Direct Economic Value Generate and Distributed See Details

See charts below
Year Ended
December 31, 2014

In thousands ($)
Direct Economic Value Generated Revenues Combined total of oil, natural gas, and related product sales; CO2 and helium sales and transportation fees; and interest income and other income 2,435,205
Economic Value Distributed Operating Costs (a) Combined total of lease operating expenses; marketing expenses; CO2 and helium discovery and operating expenses; and general and administrative expenses 895,503
Capital Investment Capitalized expenditures (excluding acquisitions), which includes, but is not limited to, capitalized employee wages and benefits and capitalized interest 1,066,072
Payments to Providers of Capital Combined total of interest expense, net of amounts capitalized; loss on early extinguishment of debt; settlements of commodity derivatives; dividend payments; and share repurchases made under our share repurchase program 582,903
Payments to Government Combined total of taxes other than income and current income taxes 126,794
Year Ended
December 31, 2013

In thousands ($)
Direct Economic Value Generated Revenues Combined total of oil, natural gas, and related product sales; CO2 sales and transportation fees; and interest income and other income 2,517,127
Economic Value Distributed Operating Costs (a) Combined total of lease operating expenses; marketing expenses; CO2 discovery and operating expenses; and general and administrative expenses 941,947
Capital Investment Capitalized expenditures (excluding acquisitions), which includes, but is not limited to, capitalized employee wages and benefits and capitalized interest 1,143,498
Payments to Providers of Capital Combined total of interest expense, net of amounts capitalized; loss on early extinguishment of debt; settlements of commodity derivatives; and share repurchases made under our share repurchase program 463,790
Payments to Government Combined total of taxes other than income and current income taxes 186,488

(a) Operating costs includes employee wages and benefits, net of (i) operator recovery charges and (ii) capitalized exploration and development costs, which are presented within capital investment.
Indirect Economic Impacts G4-EC8 Significant Indirect Economic Impacts, Including the Extent of Impacts See Details
Reserves G4-OG1 Volume and Type of Estimated Proved Reserves and Production See Details

See information and charts below
Proved Reserves Data Year Ended December 31, 2014

As of December 31, 2014, Denbury’s proved reserves were 438 million barrels of oil equivalent (“MMBOE”), consisting of 362 million barrels of crude oil, condensate and natural gas liquids (together, “liquids”), and 76 MMBOE (or 452 billion cubic feet) of natural gas. Reserves were 83% liquids and 77% proved developed, and 49% of such reserves were attributable to Denbury’s CO2 EOR operations. Total tertiary reserves at December 31, 2014 were 215 MMBOE and total non-tertiary reserves were 223 MMBOE.

Tertiary Properties Oil (MBbls) Natural Gas (MMcf) TOTAL MBOEs
Gulf Coast Region 178,613 – 178,613
Rocky Mountain Region 36,505 – 36,505
Total Tertiary 215,118 – 215,118
Non-Tertiary Properties Oil (MBbls) Natural Gas (MMcf) TOTAL MBOEs
Gulf Coast Region 33,427 57,309 42,978
Rocky Mountain Region 113,790 395,093 179,639
Total Non-Tertiary 147,217 452,402 222,617
Total 362,335 452,402 437,735

The reserves were prepared in accordance with Financial Accounting Standards Board Codification Topic 932, Extractive Industries – Oil and Gas, using the arithmetic average of the first-day-of-the-month NYMEX commodity price for each month during 2014. These prices were $94.99 per Bbl for crude oil and $4.30 per MMBtu for natural gas, both of which were adjusted for market differentials by field.

Production Data Year Ended December 31, 2014

Denbury’s 2014 production totaled approximately 70,600 barrels of oil per day (“Bbls/d”) and 23 million cubic feet of natural gas per day. Oil production included 41,079 Bbls/d from tertiary properties and 29,527 Bbls/d from non-tertiary properties.

Tertiary Properties Oil (Bbls/day) Natural Gas (Mcf/day)
Gulf Coast Region 39,831 –
Rocky Mountain Region 1,248 –
Total Tertiary 41,079 –
Non-Tertiary Properties Oil (Bbls/day) Natural Gas (Mcf/day)
Gulf Coast Region 7,453 13,300
Rocky Mountain Region 22,074 9,655
Total Non-Tertiary 29,527 22,955
Total 70,606 22,955

A complete report of our estimated proved reserves, production, our report methodology and definitions is included in our 2014 Annual Report on Form 10-K. Specifically see pp. 3, 6, 20-22 and 91-93.

G4 Category: Environmental
Emissions G4-EN15 Direct Greenhouse Gas (GHG) Emissions (Scope 1) See Details

See information and charts below

We report GHG emissions in accordance with the Environmental Protection Agency’s (“EPA”) Green House Gas Reporting Program (“GHGRP”). We report under the following subparts and in accordance with the following criteria:

Subpart PP – Suppliers of CO2

Subpart PP was finalized by the EPA in October 2009 and has undergone subsequent revisions since it was published. We submitted our first Subpart PP report in September 2011 for the reporting year 2010. Under this subpart, we are required to annually report the amount of CO2 supplied from our CO2 production fields and the amount delivered to various industrial customers, including our enhanced oil recovery ("EOR") operations.

Subpart UU – Injection of CO2

Subpart UU of the GHGRP was finalized by the EPA in 2011 and the first reports were due in September 2012. Subpart UU requires reporting for a well or group of wells that inject CO2 into the subsurface. This includes Underground Injection Control (UIC) Class II wells in which CO2 is injected for the purposes of EOR. This subpart does not include UIC Class VI wells into which CO2 is injected for the purpose of permanent geologic sequestration. Denbury currently does not operate any Class VI injection wells.

The amount of CO2 reported under this subpart does not include the amount of post-separation CO2 recycled at the central oil production facility and re-injected via CO2 injection wells. We reported the CO2 injection amounts under this subpart for 14 EOR fields in our Gulf Coast operating region in 2011 and 2012. Two additional fields were reported in 2013 which are located in Montana (Bell Creek) and Wyoming (Grieve). We are also involved in a pilot project funded by the Department of Energy where we receive CO2 from Alabama Power’s Barry Power Plant and the CO2 is injected nearby in our Citronelle field. We have been reporting CO2 injected under this program since 2011.

Subpart W – Petroleum and Natural Gas Systems

The EPA finalized Subpart W of the GHGRP in 2011. This subpart has been through several revisions since it was first published. The first annual report under this subpart was due in September 2012 for the reporting year 2011. The EPA has included 8 industry segments under this subpart. Our oil production fields fall under the “Onshore Petroleum and Natural Gas Production” industry segment and our Riley Ridge facility falls under the “Onshore Natural Gas Processing” industry segment.

Under this subpart, the EPA requires operators to report emissions under each geological basin in which they operate. These basin boundaries have been identified on the Geologic Provinces Code Map published by the American Association of Petroleum Geologists. Currently, our operations fall under three geologic basins in the Gulf Coast region and three basins in the Rocky Mountain region. Denbury has been reporting under this subpart since 2011 for basins exceeding the reporting thresholds.

Under Subpart W, the EPA requires operators to report CO2, CH4 (methane) and N2O (nitrous oxide) emissions from various sources and processes listed under the subpart. These GHG emissions are converted to CO2 equivalent ("CO2e") emissions by using the respective Global Warming Potentials ("GWPs") for each pollutant. The GWPs published by the EPA in 2013 are listed in the table below.

Greenhouse Gases GWPs
CO2 1
CH4 25
N2O 298

The following are Denbury’s emissions for 2014 and 2013 presented in metric tons (tonnes). These emissions coincide with emissions calculations using EPA’s GHG Subpart W reporting requirements and applicability as described above. Please note that 2013 data was collected using Best Available Monitoring Methods in accordance with EPA guidelines. In 2014, more precise data collection methods were employed and provided a more accurate estimate of GHG emissions.

Year Ended December 31, 2014
Region CO2 (tonnes) CH4 (tonnes) N2O (tonnes) CO2e (tonnes)
Rocky Mountain 38,037 338 0.04 46,495
Gulf Coast 407,415 10,218 0.63 663,042
Total 445,452 10,556 0.67 709,537
Year Ended December 31, 2013 
Region CO2 (tonnes) CH4 (tonnes) N2O (tonnes) CO2e (tonnes)
Rocky Mountain 10,758 386 0.02 20,418
Gulf Coast 148,723 2,203 0.24 203,860
Total 159,481 2,589 0.26 224,278

Our operations do not generate HFCs, PFCs or SF6 emissions and, therefore, we do not report them under EPA’s GHG Subpart W. GWPs for 2014 and 2013 were used to calculate CO2e. 
Emissions G4-EN16 Energy Indirect Greenhouse Gas (GHG) Emissions (Scope 2) See Details

See information and charts below
Year Ended December 31, 2014 
Region MWH CO2 (tonnes) CH4 (tonnes) N2O (tonnes) CO2e (tonnes)
Rocky Mountain 577,372 373,067 6 6 375,015
Gulf Coast 1,598,432 848,489 14 11 852,122
Total(1) 2,175,804 1,221,556 20 17 1,227,137
Year Ended December 31, 2013
Region MWH CO2 (tonnes) CH4 (tonnes) N2O (tonnes) CO2e (tonnes)
Rocky Mountain 484,470 313,039 5 5 314,673
Gulf Coast 1,459,792 774,895 13 10 778,214
Total(1) 1,944,262 1,087,934 18 15 1,092,887

(1) Electricity usage presented in megawatt hours (Mwh). Emissions are estimated using an average of emission factors for all areas of the company’s operations multiplied by the total electricity usage.  Emission calculations follow EPA’s eGRID sub-region total output emission rates for power generation.
Emissions G4-EN18 Greenhouse Gas (GHG) Emissions Intensity See Details

See information and charts below
GHG Intensity  2014  2013
Oil production (bbls) 32,165,143 30,334,490
Water production (bbls) 408,026,488 395,892,689
CO2e emissions (tonnes) 709,537 224,278
GHG intensity per barrel of oil (tonnes/bbls) 0.02206 0.00739
GHG intensity per barrel of water (tonnes/bbls) 0.00174 0.00057
GHG intensity per barrel of total fluids (tonnes/bbls) 0.00161 0.00053

Emissions are presented in metric tons (tonnes) and coincide with emissions calculations using EPA’s GHG Subpart W reporting requirements and applicability.  GWPs for 2014 and 2013 were used to calculate CO2e. Oil and water production volumes include all operational areas. All data year ended December 31, 2014 and December 31, 2013.
Effluents and Waste G4-EN24 Total Number and Volume of Significant Spills See Details

See information and charts below
Year Ended December 31, 2014 
Oil Rockies Gulf Coast Total
Oil Spills (bbls) 740 588 1,328
Gross Oil Production (bbls) 10,499,448 21,665,695 32,165,143
Oil Spill Volume as a % of Production 0.007% 0.003% 0.004%
Water Rockies Gulf Coast Total
Water Spills (bbls) 28,358 12,953 41,311
Water Production (bbls) 137,034,332 270,992,156 408,026,488
Water Spill Volume as a % of Production 0.021% 0.005% 0.010%
Year Ended December 31, 2013 
Oil Rockies Gulf Coast Total
Oil Spills (bbls) 1,376 1,160 2,536
Gross Oil Production (bbls) 9,237,433 21,097,057 30,334,490
Oil Spill Volume as a % of Production 0.015% 0.005% 0.008%
Water Rockies Gulf Coast Total
Water Spills (bbls) 33,870 22,842 56,712
Water Production (bbls) 123,620,313 272,272,376 395,892,689
Water Spill Volume as a % of Production 0.027% 0.008% 0.014%

Includes only spills >1bbl & does not include Delhi Incident disclosed below. 

Significant spill disclosure:

Delhi Incident:  In June 2013, a release of well fluids, consisting of a mixture of carbon dioxide, saltwater, natural gas and oil, was discovered (and reported) within an area of the Denbury-operated Delhi Field located in northern Louisiana.  Denbury immediately took remedial action to stop the release and contain and recover well fluids in the affected area.  We completed our remediation efforts with respect to such release during the fourth quarter of 2013; however, we continue to monitor the impacted area to confirm the effectiveness of the remediation efforts.
G4 Category: Social; Labor Practices and Decent Work
Employment G4-LA1 Total number and rates of new employee hires and employee turnover by age group, gender and region See Details

See charts below LA1
New Hires 2014 2013
Number of New Hires by Age:



> 50 years old 26 15% 33 19%
30 – 50 years old 98 56% 97 55%
< 30 years old 51 29% 47 26%
Total 175
177
New Hires by Gender



Female 47 27% 30 17%
Male 128 73% 147 83%
Total 175
177
New Hires by Region



Rocky Mountain (WY, MT, ND) 58 33% 73 41%
Gulf Coast (TX, LA, MS, AL) 27 15% 35 20%
Headquarters (Plano, TX) 90 52% 69 39%
Total 175
177
Rate of New Hires (calculated using the total employee number at the end of the reporting period) 11% (175/1,523) 12% (177/1,501)
Turnover 2014 2013
Turnover by Age



> 50 years old 54 35% 35 33%
30 – 50 years old 78 51% 55 51%
< 30 years old 22 14% 17 16%
Total 154
107
Turnover by Gender



Female 45 29% 32 30%
Male 109 71% 75 70%
Total 154
107
Turnover by Region



Rocky Mountain (WY, MT, ND) 36 23% 20 19%
Gulf Coast (TX, LA, MS, AL) 41 27% 42 39%
Headquarters (Plano, TX) 77 50% 45 42%
Total 154
107
Rate of Employee Turnover (calculated using the total employee number at the end of the reporting period) 10% (154/1,523) 7% (107/1,501)
All data year ended December 31, 2014 and December 31, 2013.
Employment G4-LA2 Benefits provided to full-time employees that are not provided to temporary or part-time employees, by significant locations of operation See Details

See chart below which contains a list of the primary benefits offered to full and part-time employees (employees who work less than 30 hours per week). Denbury has historically had a very low number of part-time employees. In the past 5 years part-time employees make up less than 1% of our employee base. See G4-10. Employees in all of Denbury’s regions have access to the benefits provided below.
Benefits Full-Time Employees Part-Time Employees
Medical coverage X
Dental coverage X
Vision coverage X
Life insurance X
Disability insurance (short- and long- term) X
Flexible spending and health savings accounts X
Teladoc X
Employee Assistance Program X X  
Travel Assist Program X X  
Educational Assistance Program X
Adoption Assistance Program X
Wellness Program X
Holidays (10) X
Vacation and sick time X X*
Long-Term Incentives X
401(k) X X  

*Employees who work less than 40 hours but more than 20 hours a week will have their vacation and sick time pro-rated accordingly. Employees who work less than 20 hours/week are not eligible for vacation or sick time.
Occupational Health and Safety G4-LA5 Percentage of Total Workforce Represented in Formal Joint Management-Worker Health and Safety Committees that help monitor and advise on occupational health and safety programs. See Details

Denbury’s Safety Committee has employee representatives from our Drilling, HSE, Operations, Pipeline, Project Management and Drilling and Supply Chain departments. 100% of our operational employees are represented by the Safety Committee, which is approximately 75% of all Denbury employees.
Occupational Health and Safety G4-LA6 Type of injury and rates of injury, occupational diseases, lost days, and absenteeism, and total number of work-related fatalities, by region and by gender. See Details

See chart below
Year Ended December 31, 2014
Region Injuries
(TRIR) (1) 		DART (2) Lost Time
Days 		Diseases Fatalities
Rocky Mountain 1.10 0.00 0 0 0
Gulf Coast 0.69 0.42 243 0 0
Headquarters 0.00 0.00 0 0 0
Denbury Total 0.46 0.17 243 0 0
Industry Avg. – 0.80


Year Ended December 31, 2013
Region Injuries
(TRIR) (1) 		DART (2) Lost Time
Days 		Diseases Fatalities
Rocky Mountain 2.06 0.00 0 0 0
Gulf Coast 1.23 0.95 136 0 0
Headquarters 0.00 0.00 0 0 0
Denbury Total 0.82 0.41 136 0 0
Industry Avg. 1.30 0.70


(1) Total Recordable Incident Rate (TRIR) is the number of Occupational Safety and Health Administration (OSHA) recordable incidents for every 200,000 hours worked.
(2) Days Away/Restricted or Transfer Rate (DART) is the number of days away from work, work restriction or job transfer resulting from OSHA recordable incidents and illnesses for every 200,000 hours worked.

The information above relates to Denbury’s employees only. It does not include data for contractors working for Denbury, and we do not record information based on gender. All data year ended December 31, 2014 and December 31, 2013. Please note that the Bureau of Labor Statistics has not published an industry average TRIR for the year 2014.

Training and Education G4-LA9 Average hours of training per year per employee by gender, and by employee category See Details
See chart below LA9
2014 Training for All Positions – Total Cumulative Hours
Training Category Total Hours of HSE-Related Training Total Hours of Other Training (1) Number of Employees (2) Average Training Hours per Year per Employee
Field Employees 19,128 32,885 691 75
Corporate Employees 3,403 5,319 786 11
Total 22,531 38,204 1,477 41
2013 Training for All Positions – Total Cumulative Hours
Training Category Total Hours of HSE-Related Training Total Hours of Other Training (1) Number of Employees (2) Average Training Hours per Year per Employee
Field Employees 25,346 26,897 765 68
Corporate Employees 5,147 3,591 810 10
Total 30,493 30,488 1,575 38

(1) Among many training topics this includes training on our Code of Business Conduct and Ethics, sexual harassment, substance abuse and office safety.
(2) Denbury does not record training hours by gender. Employees with the same job description are required to take the same training classes. Includes all employees who participated in the training program during the calendar year. All data year ended December 31, 2014 and December 31, 2013.

Training and Education G4-LA11 Percentage of employees receiving regular performance and career development reviews, by gender and by employee category See Details
100% of our employees (male and female), in every job category, are eligible and encouraged to participate in our performance and career development review each year. In 2014, 96% of our employees participated.
Diversity and Equal Opportunity G4-LA12 Composition of governance bodies and breakdown of employees per employee category according to gender, age group, minority group membership, and other indicators of diversity See Details
See chart below
Year Ended December 31, 2014
Category Gender Age Minorities Total
Male Female <30 Yrs. 30-50 Yrs. 50+ Years
Board of Directors 9 1 0 0 10 0 10
Executives 12 1 0 5 8 1 13
Managers 190 41 4 116 111 21 231
Non-Managers 974 305 181 656 442 181 1,279
Total Employees* 1,176 347 185 777 561 203 1,523
Year Ended December 31, 2013
Category Gender Age Minorities Total
Male Female <30 Yrs. 30-50 Yrs. 50+ Years
Board of Directors 9 1 0 0 10 0 10
Executives 13 1 0 5 9 1 14
Managers 207 46 4 125 124 19 253
Non-Managers 935 299 191 636 407 121 1,234
Total Employees* 1,155 346 195 766 540 141 1,501

*Excludes Board of Directors

* Material omissions to any General Standard Disclosure or Specific Standard Disclosure are noted in the “Disclosure and/or Location of Disclosure” column. The information in this Report has not been externally assured.

Message From Our CEO

Phil Rykhoek President and Chief Executive Officer

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